Poprad is hidden away in the east of Slovakia, miles from the bustle of Bratislava – which is rapidly becoming a nightlife destination attracting stag and hen groups. It's a small place best known for its washing machine factory and a small brewery. There are large, ugly ex-Soviet estates on its outskirts. But beyond these are the spectacular High Tatras mountains – beautiful peaks that jut up like sharks’ teeth from a plain and offer some decent skiing. There's not many tourists about, but, as I discovered, there are British property speculators.

Malcolm and Katja are playing the local property market. Malcolm is from Colchester, and Katja was brought up in Stara Lubovna, 30 miles east of Poprad. He is a statuesque, rugged 50-year-old quantity surveyor. She is a pretty, blond 25-year-old who used to work as a commercial manager for a office supply company in west London. They met through work in the UK, where Katja had moved after Slovakia joined the EU – and where they hit it off immediately and are soon to be married.

I meet them at their large detached house in the outskirts of Poprad. Malcolm picks me up in his powder blue Mercedes from the High tatras resort AquaCity. The house has four floors and is on the market. "We bought it for £85,000 and have spent £15,000 doing it up," says Malcolm. "It’s valued at £220,000 now. People have come to take a look, and we’ve almost sold it. But the problem is the language. People are terrified. They can’t talk to the banks here about finance because of the language. Anyway, banks here are not used to big loans for property. Then you’ve got the English banks. They’re not keen on Slovakia. But they’ve got to wise up to the fact that Slovakia is part of the EU. It’s frustrating. But it will change."

They have four properties up for sale. Katja takes me round their ‘showcase’ property. There is under-floor heating, a Jacuzzi bathtub, walk-in wardrobes, a pool room, sauna, laundry room and endless bedrooms with en suite bathrooms. The place is huge. I ask Kat what ‘look’ she was going for in the apartment: "I go for the look that makes money. That is the look I’m going for."

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We start talking about which Eastern European countries are worth investing in. Kat gives me a quick rundown. "In Poland they are getting a bit cheeky, I think. They have already had their boom in telecommunications. The economy is more advanced. Prices are higher. But you must be very careful. Sometimes when you buy a house, you may also buy the owners’ debt. That would not be good." What about the Czech Republic? "They are always one step ahead. Everything is 20 per cent more expensive there. Before the split [of Slovakia and the Czech Republic] everything was made here. We are stuck with the factories. So the Czechs are ahead of us." She is not a fan of Romania: ‘"Ridiculous prices. Like London prices. Lots of Americans are going to Romania. I don’t understand it. Why? I would have thought the prices would be better than here. But they’re not. Ridiculous!" The Ukraine is another no-no: ‘The mafia will rip you off." Hungary? ‘Nice people. Nice wine. But not much work opportunity. I’m really not sure about Hungary."

Malcolm opens a bottle of Vino Nitra Riesling, pours us enormous glasses and introduces me to a big shaggy black dog, a Newfoundland-chou cross, and explains that the top rate of corporate and personal tax is only nineteen per cent. Then there's the ‘goulash parties’ he and Kat hold in the summer: "We invite everyone round, cook a massive pot of goulash, drink lots of wine in the sunshine and fall over. Then we have a sleep, heat it up again, start all over again and keep going till 4am."

I ask how are the older generation is getting used to the new EU life. "It is difficult," says Malcolm. "People who are aged 43 and upwards are the communist generation and the mentality is weak. People who work in the factories, they find it hard. During communism they built factories for the sake of building factories. There are big drink problems. People drink to get rid of their boredom." Kat breaks in: "But I liked communism. I enjoyed the sports they arranged at school. Everything was given to you: pens and pencils, even books." Malcolm adds: ‘Yes, I think that maybe it was a bit earlier: the generation before Kat’s parents really had it hard, when there was pure communism."

We drink more wine. The big black dog falls asleep and starts snoring. Kat tells me that property prices are ‘booming’ in Bratislava, the capital: "It’s got great nightlife. All the pop stars are there. There are loads of brothels though. That is just a fact of life." Malcolm prefers the countryside: ‘It couldn’t happen round here. The police would beat them to death.’ Kat correcvts him: ‘Or put them in a cell.’

Another bottle is opened. Malcolm lets the big black dog, which has woken, out into the garden. It’s minus 8C. But the dog doesn’t seem to mind. Kat joins us in the cold as we survey the large landscaped grounds. Looking across them she enthuses: "My husband came to Slovakia and he made three times his money here. That’s how good it is. That’s the investment opportunity. That’s why it’s time to come to Slovakia.”

• How Low Can You Go? Round Europe For 1p Each Way (Plus Tax) by Tom Chesshyre is published by Hodder & Stoughton (£10.99).

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